Ukraine from October 30, 2019 will return to the U.S. General System of Preferences, according to a proclamation of U.S. President Donald Trump. “On Saturday Kyiv time or on Friday night in Washington, the news came out that Trump has completely returned Ukraine to the General System of Preferences,” Deputy Minister of Economic Development, Trade and Agriculture, Ukraine’s trade representative Taras Kachka said at a press briefing on Monday.
He said that all 155 types of goods that were removed from the system of preferences, again will receive the possibility of duty-free trade in the United States.
“These are mainly food processing products – confectionery product… [and also] industrial products, especially complex engineering products,” Kachka said.
He said that the return to the system of preferences was made possible thanks to the progress in introducing new legislation on collective management organizations (CMOs).
“This is unlikely to affect trade statistics, since these are not mass products, but will positively influence small and medium-sized businesses,” Kachka added.
As reported, in 2018, the United States suspended the General System of Preferences, which allows the import of more than 3,500 types of goods to the United States duty free, for 155 types of Ukrainian goods due to systematic copyright violation.
Ukraine in January-August 2019 sold industrial products (goods, services) for UAH 1.685 trillion, which is 4.7% more than in January-August 2018 (UAH 1.609 trillion), in particular abroad for UAH 457.496 billion, the State Statistics Service has said.
According to its data, in August 2019 compared with August 2018, the turnover of goods sold in mining and processing industries grew by 0.4%, and from July 2019 decreased by 5.1%. At the same time, sales in mining industry in August 2019 compared with August 2018 increased by 2.5% (compared to July 2019 decreased by 9.2%), in processing industry decreased by 0.1% (compared to July 2019 by 4%).
In the total volume of industrial products sales for the eight months of 2019, the largest share fell on processing industry (63.8%), the supply of electricity, gas, steam and air conditioning (18.1%), mining industry and quarrying (16.9%), and metallurgical production (16.8%).
As reported, in 2018 industrial products (goods, services) were sold for UAH 2.509 trillion, which is 16.5% more than in 2017.
Top-20 countries with which Ukraine has most positive trade balance in goods in Jan-June 2019 (thsd.usd)
Top-20 countries with which ukraine has most positive trade balance in goods in jan-may 2019
The deficit of Ukraine’s foreign trade in goods in January-May 2019 increased by 27.4% compared with January-May 2018, to $2.634 billion, the State Statistics Service has reported. According to its data, export of goods from Ukraine for the specified period grew by 7.4%, to $20.895 billion, while imports by 9.3%, to $23.529 billion.
The service said that in May 2019 the seasonally adjusted export volume increased by 5.4% compared to April 2019, to $4.368 billion, while imports by 4.3%, to $5.257 billion.
The seasonally adjusted foreign trade balance in May was also negative and amounted to $890 million, which is 1.1% more than in the previous month.
The service said that foreign trade operations were carried out with partners from 211 countries of the world.
The ratio of coverage of imports by exports amounted to 0.89.
Ukraine’s foreign trade in goods (imports), jan–apr, 2019
